LONDON (Reuters) -Frasers, the British sportswear and apparel retailer controlled by Mike Ashley, has bolstered its presence in the luxury space by buying loss-making online player MATCHES from Apax Partners, paying about 52 million pounds ($66 million).
MATCHES offers products from more than 450 designers and generates the majority of its revenue internationally, with the business delivering to 150 countries outside the UK.
Frasers said on Wednesday the deal will further develop its so-called "elevation strategy", which is taking the business more upmarket.
The strategy involves investments in flagship stores and in online operations, and the strengthening of ties with brands such as Nike (NYSE:NKE), Adidas (ETR:ADSGN), The North Face and On Running.
Earlier this month, Frasers reported a 12.6% rise in first half profit, though it did caution the global luxury market had softened.
Shares in Frasers were up 0.5% in late morning trading, extending 2023 gains to 31.5%. Ashley owns 73% of the equity.
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